For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is down by 13% and the numbers of new listings is down even farther at 16%. But all that looks like good news compared to the numbers condos that went into escrow which is down by 41% with the numbers of sales down by 40%. These numbers are despite the fact that the average condo price has fallen by 25% giving us an overall volume decline of 55%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by just 5% with the numbers of new listings declining by 13%. With the fall in the inventory you would expect a drop in the numbers of escrows and that number is down by 15% with sales falling by 20%. But with all this negative news the average sales price has fallen only 5% on the East Side of Santa Barbara but the overall volume is down by 24%.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estatebut last year there were 9 total listings compared to this year when there are 12. The new listings are down however from 8 last year to 7 this year. The good news is that escrows are up by 4 for a total of 6 and sales are by 3 for a total of 5. That increase in activity gives us a 159% rise in activity with only a 3% rise in the average sales price.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year slid down by 8% with the numbers of new listings declining by 17%. With the inventory down you would expect the numbers of escrows to be down but the fall is rather dramatic dropping by 34% and the numbers of sold condos down even further at 37%. The overall sold volume is down by 35% but amazingly the average sales price is up by 3%.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estatethe total number of listings is up by almost 20% and the numbers of new listings is up even farther. But despite there being more homes to sell the numbers of escrows fell by 16% and the numbers of sold properties fell even more by 18%. With almost a 20% drop in the numbers of sold properties you’d think the overall sold volume would be down a bunch but this is Montecito where it’s only down by 4%. Even more amazing is the average sales price which has risen by 16%.
For the PUD market in Montecito Real Estate there have been just 5 listings this year but that’s 4 more than last year. There were also 5 new listings compared to 0 for last year. But with all this increased inventory we got just on more escrows which was added up to 2 and the numbers of sales was exactly where it was last year at 1. Even so that gave us a 6% rise in the overall sold volume and a 6% rise in the average sales price.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through December 25th almost exactly the same numbers of properties have been for sales for both ’07 and ’08 but that’s where the similarity ends. The numbers of condos that went into escrow is down by 15% and the numbers of sold condos is down even further at 28%. The average sales price has declined by 18% from $580,000 last year to $470,000 this year but the biggest decline is the sold volume which has fallen more than 40%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through December 25th is up by 17% with the new listings rising 10%. But all this increased activity has yielded only a 1% rise in the numbers of homes that went into escrow and were down 6% as far as homes that have completed the selling process. To achieve those numbers the average sales price fell by about 25% and overall volume fell off 30%.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate the overall inventory is up 12% for ’08 and the numbers of new PUD listings is up 14% but that’s where the good news comes to a screeching halt. The PUDs that went into escrow are down by 33% and the numbers of sold PUDs is also down 33%. The overall sold volume has also fallen by about 33% but the average sales price is actually up by 1%.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales price for the period of Jan. 1 through December 17 is $800,000 with 151 sales. This compares to ’07 when the median sales price was $939,000 with 139 sales. So just like with Goleta South it’s a case of good news, bad news. The median sales price has fallen about 15% but the sales are up almost 9%.
For the gap report it’s a matter of worse and worser. Last year the median list price was $1 below $1 million but the median sold price was $939,000 giving us a 6.1% gap. But this year the median list price has zipped up to $1.159 million with a median sold price of $800,000 giving us a gap of 31%. That 31% is a pretty darn big cavern to jump over for anybody.
For the Goleta Real Estate North condo market the median sales price is $467,500 with 38 sales whereas last year the median sales price $550,000 with 43 sales. That means that the median sales price dropped by 15.5% and the numbers of sold units fell by 11.6%. It’s just been a tough year for condos everywhere in Santa Barbara and Goleta North is no exception.
For the Gap report in ’07 the median list price was $527,500 while the median sold price was $550,000 which means that once again the sold price was higher than the list price for a 4.3% positive gap. But in ’08 we’ve got a median list price of $499,000 with a median sold price of $467,500 for a small gap of just 6.3%. When you put it all together that still means a flip flop of about 11% year over year.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price through December 17 has been $732,000 with 77 sales whereas last year the median sales price was $894,000 with 70 sales. So for Goleta South it’s a matter of good news, bad news. The median sales price has dropped by about 20% but the sales are up by about 10%.
Now for the gap report for Goleta south. Last year the median list price was $875,000 and you put that together with a median sales price of $894,000 and you get a positive gap of 2.2%. Yup, the median sales price was actually above the median list price. Now you look at ’08 and you have a median list price of $925,000 with a median sales price of $732,000 and that gives you a gap of about 21%. That almost 25% flip is significant.
For the condo market in Goleta Real Estate South the median sales price of $565,000 combined with the 57 sales for the year to December 17 compared to last year’s numbers of a $532,000 median list price with 71 sales gives us a plus 6.2% for the median sales and a minus almost 20% for the sales. The difference is primarily due to one development which came on line this year so don’t start popping champagne corks just yet.
The gap report for ’07 is about 11.2% when you look at the $599,000 median list price compared to the $532,000 median sales price. But in ’08 that gap was erased and replaced with a plus 2.7% rise. Yes, that one development pushed the median sold price above the median list price for the entire area.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market through December 17 is $2.85 million with 19 sales compared to last year when the median sales price was $3.275 million with 34 sales. This translates to a 13% decline in the median sales price and about a 40% decline in the numbers of units sold. In most places a median sales price of $2.85 million would be a time of great joy but in Hope Ranch it’s a big come down.
Looking at the gap report for Hope Ranch this year the median list price of $3.195 million compared to the median sold price of $2.85 million gives us a gap of about 11%. That’s pretty darn close when compared to other area. But last year at this time the median list price was $2.895 million whereas the median sold price was $3.275 million which gave us a positive gap of about 13%. That means that the sales price was 13% above the asking price.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estate area of West of State St area the Median Sales price Home Estate/PUD is currently $915,000 with 134 sales but last year the median sold price was $1,038,750 with 184 sales. When you put it all together the sales price has gone down by about 12% but the numbers of sales have declined 28%. So the interesting anomaly is that the West Side has cut prices more drastically than the East Side but sales have declined more on the West Side.
The gap between the median sales price of $915,000 and the median list price of $1,129,000 is about 20% whereas last year the median sold price was $1,038,075 with a median list price of $1.149 million for only a 10%.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $535,000 with 59 sales compared to last year when it was $645,000 with 73 sales. That results in a median sales decline of about 17% and about a 20% drop in sales.
The gap report for the West Side shows us a $535,000 median sales price with a $789,000 median list price for a 32% difference whereas last year the median sold price was $645,000 with a median list price of $679,000 for just a 5% gap.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through December 17 is $1.15 million with 167 sales and last year at this time the median sales price was $1.212 million with 215 sales. That means that the median sales price has fallen almost 5.1% and sales have dropped off about 22%. The people on the East Side have not cut the price of their homes this year as drastically as other sections of the town but the sales are off substantially.
As far as the gap ratio or the median list price versus median sales price for ’07 it was about 12% with a median list price of almost $1.4 million versus a median sales price of $1.212 million. But for ’08 the gap is almost 24% with a median list price of about $1.5 million and a median sold price of $1.15 million.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price has fallen from $827,500 last year with 84 sales and this year the median sales price is $605,000 for 53 sales. That means that the median sales price has fallen about 27% while sales have dropped almost 37%. By any measure that’s a tough year for East of State St Condos.
Now for the gap report, in ’07 the median list price was $759,000 with a median sales price of $827,500. This means that the gap was on the plus with the sales price almost 10% above the asking. Now when you look at ’08 the median list price is just under $800,000 while the median sold price is just over $600,000 for approximately a 25% gap. It’s interesting that while the sales price continues to fall the list prices continue to go up.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through December 17 is $3.2 million with 142 sales compared to last year when it was $2.9 million with 175 sales. This translates to about a 10% rise in the median sales price but about a 20% decline in the numbers of units sold.
The difference between the median list price and the median sold price is a lot closer together than some of the areas. Currently in Montecito the difference is about 20% while last year the gap was about 12%. The rise in the median sales price this year has spurred sellers into pushing their asking price ever higher which accounts for the widening in the gap ratio.
For the condo market in Montecito Real Estate the median sales price for ’08 has been about $1.4 million with 17 sales while last year the median sales price was $1.225 million on 24 sales. This translates to about a 13% rise in the median sales price but about a 30% decline in the numbers of units sold.
The gap report for Montecito is a lot closer together. Last year we had a median list price of $1.55 million with a median sales price of $1.225 which gave us a 21% gap and this year we have a $1.95 million list price with a median sales price of $1,381,500 for a 29.2% gap. Again the rise in the median sales price for Montecito has pushed the sellers into asking more and more for their properties which has widened out the gap.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through December 17 is $828,500 which is down about 18% from the previous year when it stood at over $1 million. Despite the decline in prices the numbers of sales has gone from 62 last year to 56 this year for about a 10% drop.
Even though sales are down and the median sales price is down the median list price continues to rise. Last year at this time the median list price went from about $1.3 million to about $1.345 million. This rise has lead to the different between the median sales and median list price widening. Last year the gap was 22% and this year the gap is almost 40%.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $460,000 with 37 sales for the year. Last year at this time the median sales price was $549,500 with 54 sales. This means that the median sales price has declined 16.3% and the numbers of sales has gone down 31.5%. It’s definitely been a tough year in the condo market for Carpinteria/Summerland.
The difference between the median list price and the median sales price is widening by the minute in Carpinteria/Summerland. The gap report for the area condos is about 28% currently which is up from just 8.3% last year. At least part of this difference is because properties on the low end are selling while those farther up are staying on the market but some of that gap is because the median sales price continues to drop.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 10 sales for this time period with a median list price of $725,000 and last year there were 7 sales with a median sales price of $880,000. This year 14 homes came on the market for the period with a median list price of $779,000 and last year 9 homes came on the market with a median list price of $855,000. 11 homes went pending this year with a median list price $679,000 compared to last year when 13 went pending with a median list price of $819,000. Currently there are 49 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.159 million.
For the condo market in Goleta Real Estate North there was 1 sale for this period with a price of $1,055,000 where last year there were 2 sales with a median sales price of $1,007,000. This year 5 properties came on the market with a median list price of $475,000 and last year there were no properties that came on the market. This only 1 property went into escrow with a list price of $399,000 and last year there were no properties that came on the market. Right now there are 19 condos available in the area with a median list price of $469,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 6 properties closed escrow in the time period with a median sales price of $658,750. Last year at this time 2 properties closed escrow with a median sales price of $836,750. This year 7 new properties came on the market with a median list price of $729,900 compared to last year when 12 properties came on the market with a median list price of just under $700,000. This year 8 properties went into escrow with a median list price of just under $700,000 where as last year 2 properties went into escrow with a median list price of $649,000. Right now there are 42 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of about $1.1 million.
For the condo market in Goleta Real Estate South shows us 2 sales with a median sales price of $375,000 compared to last year when there were 3 sales with a median sales price of $397,000. During this time period 4 condos came on the market with a median list price of $399,900 and last year 4 new condos came on the market with a median list price of $565,000. The same number of properties went into escrow but this year those 4 properties had a median list price of $399,000 and last year that median list price was $349,000. Right now there are 26 condos available in the Goleta South area with a median list price of $539,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of November 11 to December 11 there were 2 sales with a median sales price of $4.3 million. Last year at this time there was 1 sale for $2 million. During that time there were 5 new properties that came on the market with a median list price of $6.7 million whereas last year there was 2 properties that came on the market with a median list price of about $1.9 million. For ’08 2 properties went into escrow with a median list price of $3.2 million and last year there were two properties that entered escrow with a median list price of $1.9 million. Right now there are 22 homes for sale in Hope Ranch with a median list price of about $3.5 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs there were 5 sales in ’08 with a median sales price of $875,000 compared to ’07 for the same period when there were 15 sales with a median sales price of $1.08 million. During the same period 20 properties came on the market in ’08 with a median list price of $985,000 compared to last year when 20 properties also came on the market with a median list price of $955,000. In ’08 7 Home Estate/PUDs went into escrow with a median list price of $849,000 whereas last year when 9 properties went into escrow with a median list price of $840,000. Right now there are 84 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.15 million.
For the condo market the sales figures show us 3 sales with a median sales price of $442,000. Last year there were 6 sales with a median sales price of $545,000. For ’08 14 condos came on the market with a median list price of $519,000 and in’07 8 condos came on the market with a median list price of $698,000. This year 5 properties went into escrow with a median list price of $549,900 whereas last year only 3 properties went pending with a median list price of $995,000. Currently there are 58 condos available for purchase on the West Side of Santa Barbara Real Estate with a median list price of $765,000.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 14 sales in ’08 with a median sales price of about $1.2 million whereas in ’07 there were 9 sales with a median sales price of $1.16 million. This year 28 properties came on the market with a median list price of just under $1.2 Million where in ’07 29 properties came on the market with a median list price of, you guessed it $1.2 million. Currently there are 118 homes available on the East Side of Santa Barbara with a median list price of $1.4 million.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate there 3 sales this year just as there were in ’07. But this year the median sales price was about $600,000 compared to last year when it was about $1.2 million. This year 8 properties came on the market with a median list price of $795,000 where as last year 8 properties came on but with a median list price of $739,000. The difference came in the numbers of properties that went pending. In ’08 2 went into escrow with a median list price of $459,900 and last year 5 went pending with a median list price of $799,000. Currently there are 43 condos available for purchase on the East Side of Santa Barbara with a median list price of just under $800,000.
Santa Barbara Real Estate’s areas of Montecito Real Estate for Home Estate/PUDs there were 5 sales with a median sales price of just under $2 million whereas in ’07 there were 10 sales with a median sold price of just over $3 million. During that time period 31 new properties came on the market with a median list price of $4.7 million compared to ’07 when 19 properties came on the market with a median list price of just $4.7 million. For ’08 12 properties went pending with a median list price of just under $3 million whereas in ’07 10 properties went pending with a median list price just under $4 million. Currently there are 176 Home Estate/PUDs in Montecito with a median list price of $4.45 million.
For the Condo market in Montecito Real Estate the sales are exactly where they were last year which isn’t too good. Both years had 1 sale but this year it was for $2.225 million and last year it was $765,000. This year 4 more condos came on the market with a median list price of just under $2 million but last year 2 came on the market with a median list price of $895,000. Unfortunately this year nothing went into escrow for the time period compared to last year when 2 went pending with a median list price of $799,000. Currently there are 16 condos are available in Montecito with a median list price of just under $2 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period November 11 to December 11 ’08 there have been 5 sales compared to 4 for the same period last year. But the good news is the median sales price went to $1.795 million this year compared to $917,500 last year. 4 properties came on the market in ’08 compared to last year when 9 came on the market. But this year those new properties have a median list price of $1.795 million whereas last year the median list price was $900,000. The really good news is that this year 5 properties went pending with a median list price of $699,000 compared to last year only 2 went pending with a median list price of $649,900. Currently there are 59 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.485 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market only 2 properties sold with a median sales price of $362,000 compared to ’07 when there were 4 sales with a median sales price of $540,000. During that same period 8 properties came on the market with a median list price of $395,000 compared to ’07 when 9 came on with a median list price of $695,000. The good news is that for ’08 6 condos went into escrow with a median list price of $249,000 compared to last year when only 2 went pending with a median lsst price of $349,900. Currently there are 73 condos available in Carpinteria/Summerland with a median list price of $679,000.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market there have been 140 sales through the end of November with a median sales price of $832,500. This compares to last year when there were 131 sales with a median sales price of $942,000. Through the first eleven months 146 Home Estate/PUDs entered escrow with a median list price of $824,900 whereas in ’07 there were 140 escrows with a median list price of $965,000. So far this year we’ve had 252 new listings occur in Goleta North with a median list price of $895,000 and in ’07 there were 268 new listings with a median list price of $959,500. Right now there are 51 Home Estate/PUDs for sale in Goleta North with a media list price of $1,179,000.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 38 so far compared to last year when there were 42. But last year the median sales price was $544,500 and this year it’s $467,500. So far this year 36 condos have entered escrow with a median list price of $475,000 and last year there were 42 escrows with a median list price of $559,000. So far this year we’ve had 73 new listings come on the market with a median list price of $499,000 and last year at this time there were 74 new listings with a median list price of $559,000. Right now there are just 19 condos available in Goleta North with a median list price of $469,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 73 sales so far this year compared to 70 last year. But the median price last year was almost $900,000 and this year it’s $732,000. Thus far there have been 80 properties go into escrow with a median list price of $725,000 and last year there were 67 escrows opened with a median list price of $899,000. So far in ’08 we’ve had 149 new properties come on the market with a median list price of $799,500 compared to last year when there were 163 new properties that entered the market place with a median list price of $899,000. Right now there are 39 Home Estate/PUDs for sale with a median list price of $1,099,000.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 57 sales with a median sales price of $565,000 and last year there were 68 sales at this time with a median sales price of $536,500. So far in ’08 we’ve had 55 condos enter escrow with a median list price of $569,000 and last year there were 67 escrows at this time with a median list price of $549,000. This year we’ve had 88 new condo listings with a median list price of $539,000 and last year at this time a whopping 131 listings had come on the market with a median list price of $575,000. Right now there are only 24 condos available in Goleta South with a median list price of $537,000.
For the Home Estate/PUD market in Hope Ranch Real Estatethere have been only 18 sales with a median sales price of $2.7 million and with an average sales price of $3.13 million. Last year there had been 34 sales with a median sales price of $3.2 million and an average sales price of $4.6 million. So far this year there have been 18 escrows in Hope Ranch with a median list price of $3 million whereas last year there had been 34 Home Estate/PUDs for into escrow with a median list price of $3.295 million. Thus far this year there have been 44 new listings with a median list price of $3.195 million and last year there were 42 new listings with a median list price of just under $3 million. Right now there are 20 Homes available for purchase in Hope Ranch with a median list price of $3.2 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
On the West Side of Santa Barbara Real Estatefor the Home Estate/PUD market there have been 127 sales compared to last year when there were 173. The median sales price went down from $1.039 million in ’07 to $920,000 in ’08. Thus far this year 139 Home Estate/PUDs entered escrow with a median list price of $919,900 whereas last year 174 properties entered with a median list price of $1,049,000. So far this year 274 new listings have come on the market with a median list price of $979,000 whereas last year there had been 318 new listings with a median list price of $1,075,000. Currently there are 82 Home Estate/PUDs available for purchase on the West Side with a median list price of $1,150,876.
For the condo market on the West Side of Santa Barbara Real Estatethere have been 55 sales this year with a median sales price of $545,000 whereas last year there were 71 sales with a median sales price of $645,500. So far this year there have been 58 escrows opened with a median list price of $535,000 and last year 72 escrows had been opened with a median list price of $659,000. So far this year 160 new condos listings came on line with a median list price of $618,000 and last year at this time 153 listings came on line with a median list price of $679,000. Right now there are 64 condos available for purchase on the West Side of Santa Barbara with a median list price of $795,000.
Through the first 11 months of ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estatethere have been 155 sales with a median sales price of $1.15 million and last year through November there were 204 sales with a median sales price of $1,218,500. Thus far this year there have been 169 escrows opened with a $1.195 million median list price and last year at this time there were 203 escrows open with a $1.289 million median list price. So far on the East Side 360 new listings have come on the market with a media list price of $1.345 million whereas last year 425 new listings came up with a median list price of $1.295 million. Right now there are 110 Home Estate/PUDs available for purchase on the East Side with a median list price of $1.449 million.
For the condo market on the East Side of Santa Barbara Real Estatein ’08 there have been 51 sales this year with a median sales price of $605,000. Last year at this time there had been 83 sales with a median sales price of $825,000. Going pending last year there were 82 condos with a median list price of $887,500 but this year only 51 have gone pending with a median list price of $619,000. Thus far this year 116 new condos listings came on the market with a median list price of $649,000 and last year at this time 133 condos had come on the market with a median list price of $887,500. Right now there are only 38 condos available on the East Side with a median list price of $799,900.
For the Home Estate/PUD market in Montecito Real Estate there have been 139 sales with a median sales price of $3.1 million and last year there were 169 sales to this point in the year with a median sold price of $2.9 million. So far there have been 136 escrows opened this year with a median list price of $3,022,500 and last year there were 163 escrows opened with a median list price of $3.1 million. Through the first 11 months of the year a whopping 352 new listings came on the market with a medina list price of $3.595 million whereas last year 291 homes came on the market with a median list price just under $3 million. Currently there are 176 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.45 million.
Looking at the condo market for Montecito Real Estate there have been 17 sales this year with a median list price of $1,381,500 whereas last year there had been 23 sales with a median sales price of $1.25 million. So far this year only 15 condo escrows have been opened with a median list price of $1.55 million whereas last year there had been 19 escrows open with a median list price of $1.295 million. So far this year there have been 36 new condos listings come on the market in the area with a median list price of $1.595 million and in ’07 there were 42 new listings with a median list price of $1.45 million. Right now there are only 16 condos available with a median list price of $1.899 million.
Through the first 11 months of ’08 for Carpinteria Real Estate/ Summerland Real Estatein the Home Estate/PUD market there were 52 sales compared to 61 last year. The median sales price went from $1,025,000 last year to $847,500. Interestingly enough there have been 60 pending properties in both years but the gap for median list price is about the same as the sold gap. In ’07 pending properties had a median list price of $999,000 and in ’08 that number has been $785,000. There have been 140 new listings come on the market this year with a median list price of $959,000 whereas last year there were 133 new listings with a median list price of $999,000. Right now there are 60 Home Estate/PUDs on the market in Carpinteria/Summerland with a median list price of $1.345 million.
For the condo market for the Carpinteria Real Estate/ Summerland Real Estate are there have been 35 sales this year with a median sales price of $460,000 whereas last year at this time there had been 47 sales with a median sales price of $550,000. For ’07 there had been 52 escrows opened to this point of the year with a median list price of $589,000 and this year there have been 44 escrows open with a median list price of $460,000. Thus far this year 138 new listings have appeared on the market with a median list price of $599,000 and last year at this time 133 new listings came on the market with a median list price of $595,000. Currently there are 74 Condo listings in Carpinteria/Summerland with a median list price of $679,000.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 55 properties available with the top price residing at a whopping $23.5 million and the least expensive home waiting for a buyer at $540,000. This diversity in the highs and lows gives us a median list price of $1.179 million.
Right now there are 21 Home Estate/PUDs in escrow for Goleta North with a top price of $859,000 and a bottom price of an amazing $185,000. The median is considerably north of that number however residing at almost $700,000.
Throughout ’08 there have been 139 sales which are substantially ahead of where we were last year at this time. The most expensive sale tops the charts at $3.74 million with the least expensive home flying out at $265,000. That huge diversity in prices gives us a median sales price for the area in ’08 of $835,000 or almost $200,000 below where it was last year at this time.
For the condo market in Goleta Real Estate North there are just 23 properties available right now with a top price of $779,000 and a bottom price of $112,700. Almost right in the middle of all that is the median list price of $469,000.
Right now only 2 condos are in escrow in Goleta South with the top priced property listed at $1.139 million and the least expensive property listed at $128,900.
For Goleta North there have been 37 condos close escrow in ’08 with a most expensive property fetching $1.1 million and the least expensive property going for just $193,200. The median is a lot closer to the $193,200 than the $1.1 million and shows up at $465,000.
In the Goleta Real Estate South area there are 45 Home Estate/PUDs available with a top price of $2.475 million and a bottom price of $549,000. But the median list price for those 45 homes stands at $1.16 million. For most the year price has been down on the South side of Goleta but now they seem to be on the rise.
Currently there are 12 properties in escrow for Goleta South with a top list price of $899,000 and a bottom list price of $449,000. So even though the price of the listed properties is starting to rise the ones going into escrow are staying down. The median list price for homes currently in escrow is $659,000.
Throughout ’08 we’ve had 73 sales with a top price of $2.525 million and a bottom price of just $374,500. The sales numbers are about 10% ahead of where they were last year at this time but the median sales price has fallen to $732,000 for the area.
For condos on the South Side of Goleta Real Estate we currently have 26 available with a top asking price of $775,000 and a bottom asking price of $260,000. This over half million dollar swing gives us a median list price almost exactly in the middle residing at $529,000.
Unfortunately there is only 1 condo in escrow right now on the South Side of Goleta and that condo has a list price of $400,000.
For the Goleta South area through November 26th there have been 57 sales completed with a top price of $925,000 and a bottom price of $265,000. But unlike the inventory price the median sales price is not in the middle is resides at $565,000. This is still a pretty hefty price but about $100,000 below where it was last year at this time.
This is an analysis of the Santa Barbara Real Estate area including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, Hope Ranch Real Estate, downtown Santa Barbara Real Estate and Goleta Real Estate for November ’08. Last month we looked at Oct. ’07 compared to Oct. ’08. These dates were significant because in ’07 we really started feeling the effects of the Sub Prime lending problem and in ’08 we were starting to get a look at what the mortgage melt down meant to the Real Estate industry for Santa Barbara.
To sum up last month’s report for the Home Estate/PUD market the numbers of sales were up compared to last year and the median sales price was down. For November ’08 that scenario is reversed. The numbers of sales are down significantly and the median sales price is up. For November ’08 the numbers of sales fell by more than half compared to October ‘08 and by a little less than half compared to November ’07. But the median sales price rose by about a third from the previous month and was up about 10% from the previous year.
When I saw the rise in the median sales price I presumed that the below $1 million sales which made up a significant part of the market fell dramatically in November and this was at least part of the story. The $600,000 to $800,000 part of the market is still where the action is concentrated but the $1 million to $2 million range took over a much larger segment than it had previously occupied. What did decline however was the top end of the market which represented only about 15% of the sales and even more significantly there were no sales over $4 million.
What part the Tea Fire has played and will play in all the numbers is difficult to say at this time. Certainly the top end of the market has been rocked by the fire but there has been some speculation that the fire will spur a surge in the numbers of units purchased with people looking to acquire replacement properties. I doubt that there will be a surge however because of what happened after the Painted Cave Fire. At that time a lot of people purchased or rented RVs and put them on the property while their homes were being re-built. For those properties that burned and were above $5 million often those are 2nd or 3rd homes and I don’t think those people will want to quickly purchase replacement properties.
To finish this segment of the report I’m going to do a quick round up of the various districts looking just at November ’07 vs. November ’08. Out in Carpinteria/Summerland the numbers of sales is down while the median sales price has risen. In Montecito the numbers of sales remains down just as they have throughout the rest of the year but at least for November the median sales price has fallen dramatically and is now below $2 million. On the East Side of Santa Barbara the numbers of sales is down substantially but the median sales price is up by about a third. For the West Side of Santa Barbara the sales fell off precipitously and the median sales price dropped almost 20%. For Hope Ranch the sales are the same for both years but the median sales price is up about by about a third. For the Goleta South area of Santa Barbara the sales are up for November but the median sales price continues to drop. Finally, for Goleta North where sales have been about equal to ’07 for November at least they’re down by more than half and the median sales price is down by about 15%.
Looking at the condo market for the Santa Barbara area we see that compared to November ’07 the numbers of sales are about the same but the median sales price is down about $100,000. Also, the numbers of pending properties is down this year compared to last year and the gap between the median list price for pending properties is down over $100,000 from ’07 to ’08.
Interestingly enough while the numbers of sales of condos is down the numbers of new condos coming on the market are up by about 50% for November ’08 compared to last year. But, while the numbers of units for sale is up the asking price for those units is down about $150,000 compared to last year at this time. Even though there are more new listings that have come on the market the overall inventory has remained stable for the last couple of months and the median list price for that inventory remains about $180,000 above the median sales price for the month.
Looking at the price range statistics for this month the majority of the sales are from about $400,000 to about $650,000 with only a handful above $1 million. That upper end condo market has really gotten quiet for the last few months. It will be interesting to see whether the Tea Fire spurs sales in that upper end condo market or whether as I speculated previously a lot of the people who chose to re-build will purchase or rent an RV and put it on the property during construction.
Looking at the various districts let’s see how November ’08 fared compared to November ’07 for the condo market. For Carpinteria/Summerland sales are down by about a half but the median sales price is actually up. For Montecito there was 1 sale in ’07 and 1 in ’08. But the sales price this year was $2.2 million compared to last year when it was $1.2 million. For East of State St the numbers of sales is up but the median sales price went from $1.7 million last year to about $600,000 this year. For the West Side of State St the sales are down slightly but the median sales price went up more than $300,000. For Goleta South the sales are exactly the same but the median sales price fell more than $100,000. And finally for Goleta North the sales are up but the median sales price has fallen about $75,000.
The condo market has been averaging about 25 sales a month for the past 6 months and a fall to the low 20s or high teens in November is not a cause for alarm. The median sales price has been down about $100,000 compared to last year for most of the year but the properties that are going pending lately seem to have slipped down even further. I think condo prices will continue to slide down while the numbers of units sold will remain about the same.
The Home Estate/PUD market really took a beating in November with the numbers of sales falling dramatically. We can blame some of this lack of activity on the Tea Fire but not all of it. Interest rates remain low but at this point there’s not a lot of confidence on the part of buyers. Prices stabilized for the month and we actually saw a rise in the median sales price for November. But, looking down the road I think prices will continue to slip down for the next few months because until most of the foreclosures are sold off we won’t see a real rise in area prices.
Gary Woods
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 20 properties available which means that the number of homes available has stayed remarkably stable. For those 20 homes the top asking price is $28.9 million but way down at the other end you can get a home in Hope Ranch for under $1 million. With a $859,000 bottom price in the area the median list price is still at $3.2 million.
Right now there are 3 Home Estate/PUDs in escrow in Hope Ranch with a top listed price for those 3 of $25.5 million. The least expensive price in escrow is still a big $3.195 million but the median list price is $6.695.
Throughout ’08 we’ve had 18 sales in Hope Ranch with a top sales price of $6.195 million and a bottom sales price of $1.4 million. It’s been a tough year for Hope Ranch for both the numbers of sales and the median sales price but a $2.7 million median sales price is still nothing to sneeze at.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate the inventory currently stands at 85 properties available for purchase. The most expensive home that’s for sale has a price tag of about $5.5 million while the least expensive home is listed for below $400,000. This massive diversity still gives us a median list price above $1 million however currently residing at $1.15 million.
Right now there are 18 Home Estate/PUDs in escrow on the West Side of Santa Barbara with a top list price of $1.595 and a bottom list price of $389,900. The interesting number here is the median list price of the homes currently in escrow which stands at $729,000 or about $425,000 below what the current median list price of the inventory.
Through November 26th there have been 127 sales on the West Side with a top price of $5 million and a bottom price of $370,000. All this gives us a median sales price for the area of $920,000 which is still about $225,000 below the median list price for the inventory.
For the Condo market on the West Side of Santa Barbara Real Estate there are 67 available which mean that market is growing and the top list price for those 67 resides at $2.595 million. Way down on the price list the least expensive property has a $420,000 tag on it. With that big ol’ gulf staring at us the median list price for the area is $825,000.
There are currently 10 condos in escrow on the West Side with a top price of $1.595 million and a bottom price of $319,000. This gives us a median list price for the 10 condos of $449,000 which tells us that top end of the market has gotten rather quiet for now.
Throughout 2008 we’ve seen 54 condos close escrow with the top price showing up at $2.15 million and the least expensive condo sliding out the door for just $350,000. The median sales price is a lot closer to $350,000 than it is to $2 million and currently resides are $545,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 119 Home Estate/PUDs available for purchase with the tippy top number blazing a trail at $11.9 million and the least expensive property listed for just $375,000. That huge diversity in prices still gives us a median list price of almost $1.5 million however.
There are 27 properties in escrow right now on the East Side of Santa Barbara with the most expensive home listed at about $3.4 million and the least expensive home sliding down the scale at $425,000. This is a rather substantial amount of activity for the East Side which has been lagging in the numbers of sales all year. But I think the surge in activity is because the median sales price has finally slid below $1 million and currently resides at $999,800.
Thus far in 2008 there have been 153 Home Estate/PUDs close escrow on the East Side of Santa Barbara with a top price of $4.1 million and a bottom price of $400,000. But as I said only recently has the median price dipped below $1 million and currently for the year the number still rests north of $1 million at $1.15 million.
The condo market for the East Side of Santa Barbara Real Estate has 40 properties listed for sale right now with the top priced property showing up at a whopping $15 million. Way down on the other end of the scale the least expensive condo is listed at $494,500.
Right now there are only 5 condos in escrow with the most expensive one listed considerably below $15 million at $899,000. The least expensive condo in escrow has a price tag of $438,900 but the median list price for those 5 properties is only a little above that number at $459,900.
Through November 26th 50 condos have closed escrow on the East side of Santa Barbara with the top price for the area stopping the charts at $2.2 million and the least expensive condo going out for just $114,900. That huge gulf between $2 million and about $115,000 gives us a median sales price for the area of $605,000.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 182 Home Estate/PUDs are for sale which means the inventory is growing in this area. At the top of the mark there’s a home listed for an amazing $47 million for interestingly enough a home can be had for under $1 million with the bottom priced listing showing up at $849,000. But don’t get your hopes up too high because the median list price for the area still sits at $4,450,000.
While 182 Home Estate/PUDs are available for purchase in Montecito there are only 9 that are currently in escrow. But those 9 have some pretty serious price tags. The most expensive listing in escrow right now is listed for $7,250,000 while the least expensive home shows up at $1,150,000. But again the median is somewhat north of that price showing up at $3,195 million or about $1.25 million below the current median list price.
Through November 26 139 Home Estate/PUDs have closed escrow in Montecito with the top priced home going out at $31 million. On the other end of the spectrum the least expensive home closed for just $900,000 but just like with the pending numbers the median sales price is definitely north of that number residing at $3.1 million.
For the Condo market in Montecito Real Estate there are currently 16 available with a top price of $3.495 million and a bottom price of just $729,000. Unlike the Home Estate inventory the condo inventory has stayed about the same and gives us a $1.889 million median list price.
Currently there’s nothin’ in escrow in for Montecito Condos. That’s right zero, zip, nada.
Through November 26th 17 condos have closed escrow with a $4.3 million and a $735,000 bottom price. The average sales price is almost $1.7 million but the median is about $400,000 down the road showing up at $1,381,500.